The Ho Chi Minh City Securities Trading Center plans to operate as a stock exchange service (SES) in July 2007, according to the center's director Tran Dac Sinh. He made the announcement at a seminar to introduce the plan in Hanoi.The Ho Chi Minh City Securities Trading Center (HCMC STC) exhibited the best growth in Asia this year, rising more than 80 percent. It has 36 listed companies and a market capitalization of nearly US$2 billion.
The schedule for the HCMC STC to turn into the SES will have three phases.
* Between 2007-2010, the SES will operate in the form of a one-entity limited liability company owned by the State.
* From 2010 through 2015, the SES will follow the operation model of a joint stock company, with the State holding up to 75 percent of shares.
* In the period after 2015, the SES will itself go public as a company in which the State will own 51 percent of the shares. It will also list stocks on the stock exchange service when eligible.
